Deal with it

1ICE CREAM

Well, so much for the financial implications of scuzzball terrorism. As suggested here yesterday, financial markets shrugged off Paris, refused to tank as the doomers forecast, and roared off on a hot little Monday rally. Triple-digit gains in both Toronto and New York. Even in France a modest drop at the opening was reversed by the end of the day.

Why?

Oil rallied a bit, which helped Canadian assets. In New York a lot of stocks actually looked cheap after a sell-off last week. In Europe the sustained stimulus spending by the central bank has supported double-digit returns for months now. And overall, global growth continues despite the best efforts of the bad guys. America is still on track for the first rate hike in a decade and Hillary Clinton’s going to be the next president, so the world will get a different-hued Obama in heels.

Terrorism sucks, but it’s important to separate the psychological damage it does (like making people who comment here into Quran scholars and Islamophobes) from the financial fallout. With every one of these events, market reaction grows shorter and less intense. The impact becomes more localized. Life moves on more quickly.

What doesn’t end is the fear-mongering of those who actually want things to get worse. More and more, fear’s becoming a tool to sell you stuff, whether it’s gold and silver (‘the financial system will collapse’), investment newsletters (‘how to avoid the coming crash’), a 1% GIC at the bank or a rental condo (‘who can trust the markets these days?’).

It’s called the ‘fear appeal theory’, with tons of practitioners, from Brad Lamb to Marc Faber and the fine assortment of nutjobs who live under the porch on this site. Their call to action is always to avoid the massively negative consequences which are just around the corner, as they happily point to events like Paris as proof the end is near.

Before you fall for this, be aware fear is the one emotion you probably can’t control. It trumps greed by a long shot, edges out sex and is considered even more powerful than the pull between a house-horny GenXer and a six-burner Wolf stove sitting against a rock backsplash. The more the crap is scared out of people, the more they’re motivated to take extreme action. This is not lost on real estate marketers in 416 or YVR who spend their days telling people to “buy now or buy never.” The fear of getting “priced out” of the market is the single biggest driver of sales activity. That’s why they created Chinese buyers.

CREA knows this. The latest stats, released Monday, are designed to keep the flames of fear burning. Sales up month/month national by almost 2% and average house prices ahead more than 8% year/year. If you ask anybody under 40 who doesn’t own real estate what scares them the most, they’ll probably tell you it’s the fear of ending up homeless.

Lost in the noise are some key facts.  When Toronto and Vancouver are stripped out, for example, real estate has appreciated at about 2%, not 8%. Actual sales for October across the country were stagnant from levels the same month in 2014. More cities are showing sales and/or price declines than increases. The Toronto market has been cooling now for 20 consecutive months. Sales in the GTA, says housing analyst Ross Kay, are 6% slower than a year ago – despite mortgages being cheaper. And when it comes to the fear that guys from China are buying all the houses, Kay pegs the number of total foreign purchases at 2.8% in Vancouver and just 0.2% in Toronto.

Moreover, bond yields (and some mortgage rates) are already on the rise as the world gets ready for a relentless normalization in the cost of money. In other words, while fear pushes our buttons, logic should be screaming that this is probably the worst time to be acquiring an asset which has never cost more –  in the midst of an economy going nowhere.

So keep the following in mind. First, just because something scary happened is no guarantee it will continue. Terror attacks do not cause more attacks. Stock market corrections seldom bring bear markets. And the average house price in Vancouver is not on the way to four million. Resist impulsive reactions to abnormal situations.

Second, more people make money from selling stuff to scared people than they do following their own advice. If the investment newsletter guy is a genius, with all the moves figured out, why’s he hocking it to you instead of making millions trading? If there’s no risk in real estate, why don’t agents spend all their time leveraging and flipping? Be careful where you get your information.

Third, beware public sentiment. Most people almost always get it wrong. In 2009 the herd panicked after seeing financial markets dive, and stampeded the exits – selling when they should have been buying. Overwhelmingly, investor sentiment was negative because everyone believed what just happened would happen again. Fear trumped logic, since rational people would see assets they’d previously wanted selling for a 50% discount. Today thousands of investors are being herded into house deals they’ll likely regret.

Human nature is not your friend during times like these. That’s why you need a badass blog to set you straight. N’est-ce pas?

217 comments ↓

#1 old gringo on 11.16.15 at 6:44 pm

With the Keystone pipeline cancelled and the oil tankers being stopped at the West Coast, where does that tar sand oil go?

#2 Randy on 11.16.15 at 6:46 pm

Pass me a cone

#3 Johnny D on 11.16.15 at 6:56 pm

@old gringo

They eventually go to refineries to be processed into fuel. Just with a bit of a delay with the glut. But instead of travelling safely, quickly, cleanly through a brand new pipeline up to 2015 standards, the oil will be carted greater distances by carbon emission spewing trains on questionable rails near residential areas. The environment will suffer a little more without keystone XL but hey, the symbolic aspect of it being cancelled means more than reality.

#4 cmj on 11.16.15 at 6:59 pm

Fear is pretty powerful. I was surprised to see the markets so strong today. Thanks, Garth, for the insights to help us stay the course

#5 For those about to flop... on 11.16.15 at 7:00 pm

This guy should be thrown in jail for crimes against ice cream…

#6 Ralph Cramdown on 11.16.15 at 7:00 pm

David Rosenberg interview, lots of tidbits for Canadian investors, especially toward the end.

http://www.bloomberg.com/podcasts/masters-in-business/

#7 Crowdedelevatorfartz on 11.16.15 at 7:01 pm

I used to cry when my last beer tipped over like that tub of ice cream……now I drink scotch.

#8 Broke Dick on 11.16.15 at 7:02 pm

This is strange.
A container of ice cream that fell out of it’s package and not yet melted.
I don’t get it.

#9 Doug t on 11.16.15 at 7:03 pm

I spend far too much time on zero hedge – come here for balance

#10 Brave Anonymous Person on 11.16.15 at 7:06 pm

“…and Hillary Clinton’s going to be the next president, so the world will get a different-hued Obama…”

Can’t wait to see the comments! I’ve got the popcorn ready….

#11 saskatoon on 11.16.15 at 7:07 pm

#1 old gringo

st. lawrence river.

#12 Drill Baby Drill on 11.16.15 at 7:09 pm

#1 oil gringo
The oil goes by rail car. Do not forget the Keystone pipeline was going to pickup the extra production from the oilsands expansions of now and into the future. Now that the oil price has fallen and many new plants and expansions have been cancelled the rail cars are more than enough to handle the exports to the USA. Remember that the Houston refineries are all geared to heavy oil.

#13 Broke Dick on 11.16.15 at 7:10 pm

The fear of getting “priced out” of the market is the single biggest driver of sales activity. That’s why they created Chinese buyers. – GT

I thought God created Chinese buyers. On the sixth day I believe, just after horny millenias.

#14 TurnerNation on 11.16.15 at 7:11 pm

Re. global values and democracy:

Our human rights are just a “disagreement”, got it?
Hardly worth arguing about. Chilling.

(I’ve long said China is a model what they want for us: corporate/govt/military control, many slaves.)

http://www.cbc.ca/news/politics/canada-china-trudeau-xi-g20-1.3320856

“Trudeau raised human rights

“On human rights, the prime minister did say that they would not always agree, but part of having a strong relationship involves expressing concerns and disagreements in a respectful way,” a Trudeau spokesman told reporters in an email.”

#15 Basil Fawlty on 11.16.15 at 7:13 pm

What does “fear”, or being labelled a “doomers” and “nutjobs”, have to be associated with the discussion of interest rate increases? Those calling the increase in interest rates have been continually wrong for years. In addition, the normalization of rates is going to create massive defaults, as we are at the top of the biggest credit bubble in world history. Not to mention the implications for the credit default swap market.
Doomers, gloomers, polyannas, who cares about labels, what are the facts.

‘Massive defaults’? You are exactly the nutjob I had in mind. — Garth

#16 Broke Dick on 11.16.15 at 7:14 pm

Sales in the GTA, says housing analyst Ross Kay, are 6% slower than a year ago – GT

Ross Kay? Really?
You need to get a better source.
Year or three ago Ross talked about slowing sales of being an indicator of dropping prices. Only Mark still believes this.

#17 paul on 11.16.15 at 7:15 pm

Be careful how you invite into you home!
https://www.youtube.com/watch?v=sFQ6zZ5aID4

#18 Vundo on 11.16.15 at 7:16 pm

#1 old gringo: it goes on a train.

So what I am gleaning from this post is keep calm and buy bond etf’s. Am I missing anything?

#19 Rainclouds on 11.16.15 at 7:18 pm

Visiting Langley yesterday. Area of 1/2, 2/3 acre lots. Nice houses, 30 yr old ish.

House sold on my buds street, “How much?
Vendor asked 768k, sold 700k, (actually settled on 730k BUUUUT the septic system was hooped upon further inspection. Knock 30 G’s off or we aint buying!

Doesn’t seem like a bidding war there…………

#20 Frank Burns on 11.16.15 at 7:19 pm

three townies at work got their rent reduced $300 each per month.all three refused to sign leases hoping for more in future.(FT MAC)

#21 J.B. on 11.16.15 at 7:22 pm

“With the Keystone pipeline cancelled and the oil tankers being stopped at the West Coast, where does that tar sand oil go?” – old gringo #1
————————————————————-
Why doesn’t Alberta help solve this problem (and others) by building gasoline refineries to supply fuel to over priced markets like Vancouver? ($1.20 a litre today – down from $1.29 last week). Why haven’t gasoline refineries ever been considered ‘critical infrastructure’? The price gouging in Vancouver is structural – how else can you explain a 25 cent difference to Toronto’s $ .95 a litre despite only a 1 cent difference in added taxes?

#22 Who gives a caber toss on 11.16.15 at 7:24 pm

#208 Ken Lovegrove on 11.16.15 at 5:50 am
I was in South Quay Docklands, London when the IRA broke the cease fire and exploded a bomb nearby blowing in the windows of the pub where me and my mate were having a beer. I remember the barman calmly said to everyone, take your time and finish your beers. I was in London when the bus bombs went off and on the same tube train as the poor Brazilian guy who was gunned down by the metropolitan police because they thought he was a terrorist. All very scary but I’m a strong believer that it is better to walk tall than roll over and submit to terrorism.”

Hell would freeze over before an Englishman would be denied his pint…..

#23 Snowboid on 11.16.15 at 7:24 pm

“..and Hillary Clinton’s going to be the next president…”

At a dinner party with several of our US neighbours yesterday, their consensus? Dr. Ben Carson.

Tee hee!

#24 Who gives a caber toss on 11.16.15 at 7:28 pm

#198 BC_Doc on 11.16.15 at 1:33 am
My family and I spent our holidays in France this past May. We spent a week on the Right Bank staying less than a mile from several of the attacks….”

You do know that Europe and Canada both went metric long ago right???? hope you are not a real doc, lest the patients get an ounce of prevention but a kilo of cure…

#25 Tony Warren on 11.16.15 at 7:31 pm

Garth, what is the true economic loss of these attacks and the running around like a bunch of ninnies of various security forces until the dust settles. How productive will France and Belgium be this week? How many weeks of this does it take to create real economic damage?

#26 bdy sktrn on 11.16.15 at 7:32 pm

#19 Rainclouds on 11.16.15 at 7:18 pm
Visiting Langley yesterday.

Doesn’t seem like a bidding war there
——————-
and there never was.
it’s langley. past surrey. land of cows.

#27 Freedom First on 11.16.15 at 7:36 pm

Yes. I learned many years ago that I must learn to manage my emotions or my emotions would be managing me. Mastering my emotions has enabled me to be leading a life of Freedom today. I think I am pretty good at judging risk/reward scenarios. This also includes managing my financial affairs.

#28 Mike in Edm on 11.16.15 at 7:36 pm

A giant pipeline company (think of the one involved in that Northern something or other pipeline) should be announcing massive layoffs to the tune of ~500 people very soon. Like as in this week. How do I know? Because one of my best friends just got their pink slips today.

The hurt continues for Alberta. :-/

#29 Howie Beaker on 11.16.15 at 7:40 pm

#209 A Nobody on 11.16.15 at 7:48 am
” Islam is a religion of peace”- Garth

Perhaps that is the intention but there is no denying that the Koran is the hotbed ,the absolute motherlode of bad ideas with the bible and Torah not to far behind.

As the dominant species on the planet , we all need to lose these Bronze Age, primitive belief structures and embrace reason and responsibility.”

Chopping off hands is pretty violent, no?

A good way for JT (apologies to James Taylor) to back out of the refugee thing is to insist that all candidates be able to skate (both forwards and backwards) while whistling the national song

#30 MEANWHILE IN FRANCE on 11.16.15 at 7:43 pm

Terror in Europe has a longer history than in any place in North America.
It may get worse before it gets better,they say.

#31 Howie Beaker on 11.16.15 at 7:43 pm

Garth

I see you using lots of French these days under the new regime….trying to score brownie points mayhaps?

#32 claimtobemyman on 11.16.15 at 7:44 pm

“…That’s why they created Chinese buyers.”

Except the last few reports on the issue weren’t from real estate, or real estate related, sources.

#33 Mark on 11.16.15 at 7:45 pm

“With the Keystone pipeline cancelled and the oil tankers being stopped at the West Coast, where does that tar sand oil go?”

To North American refineries. Where it ought to be going. I don’t see why there would be a big push to export oil on water, when North America, on the balance, is still a significant oil importer from the rest of the world. Building Northern Gateway would have been madness.

The problem Canada is going to face for many years to come is a high Canadian dollar and deflation. Thus, to stimulate exports in such an environment doesn’t strike me as sound economic policy.

Only Mark still believes this.

The sales mix is vitally important when considering if prices on identical housing have risen or not. Its rather foolish to use the headline ‘average’ price, much like its foolish to compare the price of el-cheapo ice cream (ie: see the picture above) versus top-end gelato. Identicals to identicals, prices have been falling across Canada for the past 2-2.5 years in the wake of the crackdown at the CMHC on their issuance of subprime mortgage insurance.

#34 Rainclouds on 11.16.15 at 7:49 pm

#21 JB

Called the Carbon tax. Thank Gordon Campbell.

BTW currently in London as High Commissioner. He. Doesn’t. Care.

#35 Freedom First on 11.16.15 at 7:50 pm

#8 Broke Dick

I don’t get it.
………………………………….

It’s okay. I already knew that. Don’t worry about it, you have lots of company here. Myself excluded, of course.

#36 jess on 11.16.15 at 7:51 pm

fear speak from a different kind …

Business News | Mon Nov 16, 2015 4:46pm GMT
Related: Business, Special Reports
Insight – How Pfizer has shifted U.S. profits overseas for years
RINGASKIDDY, Ireland | By Tom Bergin and Kevin Drawbaugh
http://uk.reuters.com/article/2015/11/16/uk-pfizer-tax-insight-idUKKCN0T520020151116

===
90 days to pay up the “liberty scheme”
http://www.mirror.co.uk/news/uk-news/tax-scheme-celebs-ordered-pay-6833322

=
superlatives

FOR IMMEDIATE RELEASE
Friday, November 13, 2015
Alstom Sentenced to Pay $772 Million Criminal Fine to Resolve Foreign Bribery Charges

Represents Largest-Ever Criminal Foreign Bribery Fine

According to the companies’ admissions, Alstom, Alstom Prom, Alstom Power and Alstom T&D, through various executives and employees, paid bribes to government officials and falsified books and records in connection with power, grid and transportation projects for state-owned entities around the world, including in Indonesia, Egypt, Saudi Arabia, the Bahamas and Taiwan. In Indonesia, for example, Alstom, Alstom Prom and Alstom Power paid bribes to government officials—including a high-ranking member of the Indonesian Parliament and high-ranking members of Perusahaan Listrik Negara, the state-owned electricity company in Indonesia—in exchange for assistance in securing several contracts to provide power-related services valued at approximately $375 million. In total, Alstom paid more than $75 million to secure more than $4 billion in projects around the world, with a profit to the company of approximately $300 million.

Alstom and its subsidiaries also attempted to conceal the bribery scheme by retaining consultants who purportedly provided consulting services on behalf of the companies, but who actually served as conduits for corrupt payments to the government officials. Internal Alstom documents refer to some of the consultants in code, including “Mr. Geneva,” “Mr. Paris,” “London,” “Quiet Man” and “Old Friend.”

http://www.justice.gov/opa/pr/alstom-sentenced-pay-772-million-criminal-fine-resolve-foreign-bribery-charges

#37 MSM-Free Zone on 11.16.15 at 7:51 pm

“….Right now, real estate prices are overvalued by anywhere from 10 to 30 per cent, according to Bank of Canada estimates……”

“…..Families in their thirties could lose an average of $60,000 if there is a correction of 20 per cent, and that would represent an average of 39 per cent of their net worth. People in their twenties would see their net worth reduced by 45 per cent in the same situation…..”

But wait! there’s light at the end of this train tunnel:

“Even if you’re underwater, it’s not a big deal, because as long as you live in this house and you pay your mortgage, that’s fine,” Benjamin Tal, deputy chief of CIBC’s World Markets, told CBC News

No conflict of interest there, eh, Benny?

http://www.cbc.ca/news/business/young-homeowners-house-prices-drop-1.3310858

#38 JSS on 11.16.15 at 7:55 pm

Enbridge gonna layoff 500 employees, 250 from Alberta.

http://www.edmontonjournal.com/business/energy-resources/pipeliner+enbridge+lays+workers+about+from+alberta/11521476/story.html

#39 ROCK BEATS PAPER on 11.16.15 at 7:57 pm

The capital outflow from China was $150 Billion in the 1st half of 2015 and double in the 3rd quarter. This forced the Chinese government to sell Treasuries to handle the outflow, thus helping yields rise. More importantly, these hundreds of billions must end up in assets outside of China and real estate is the place that asks the least questions and is best understood by investors. I do not think it is a coincidence that Hong Kong, Sydney, Vancouver, San Fransisco, and to a lessor degree Toronto suffer the most extremes in terms of a real estate bubble.

I do not know where Ross Kay gets his figures, but price pressures can happen at the margin, so 6% could easily do it.

If so, I would like to offer more foreigners the opportunity to purchase some of the most expensive RE on the planet, by adding incentives. The transfer of wealth will be greatly appreciated as our economy works through the oil bust.

Someone has to be the greater fool, and I would rather it not be my countrymen (“country people”)…

#40 espressobob on 11.16.15 at 7:59 pm

Fear edges out sex? Ouch.

Anyways, global investors usually have the upper hand over time. Concentration risk in commodity, sector, or individual stocks can kill sex drive. That’s disastrous!

Just say NO to those doom sites.

#41 Retired WI Boomer on 11.16.15 at 8:04 pm

Who KNOWS who the next president will be? I certainly do not, maybe Hilarity, maybe the old socialist, maybe the Donald, or Rand, or Carson. Maybe none of the obvious.
We might “out source” the job to China for giggles.

Yes, the market made up for lost ground, but hardly the strength of super power, more of a super-pooper in my humble.

Yes, Paris, tragic as it was, is not stopping business as usual nor should it honestly. Just the latest installment of political insanity wrought wild by forces of -guess? I have my thoughts but I am no nastrodamous.

So tomorrow the world will muddle through another day, the paranoid houseless might buy, or not. They may stay employed, clueless but with use, or maybe not. I might enjoy another day on this fragile gas bag, or not.

What I’m trying to say, is not a dam thing is ever “guaranteed” whether you are a model of your religion or a desperate heretic, a non believer or a convinced one that your way is the only way. Trust in cash, not leverage, nor debt be you deceived. Invest in coma ties that pay you to own them, have a record of growing dividends, not promises. Here endeth the the RANT.

Better to run out of thee time, than thee money, so says the Boomer who grins from the Monday vigil at the cabin!

#42 AfterTheHouseSold on 11.16.15 at 8:07 pm

Garth
“That’s why you need a badass blog to set you straight.”

That and a shot of bourbon, brown paper bag and cold cloth. :)

#43 Smartalox on 11.16.15 at 8:14 pm

Courage is not the absence, or denial of fear.

Courage is the recognition of fear, and choosing to continue nonetheless.

#44 S.Bby on 11.16.15 at 8:15 pm

That ice cream is still good.

#45 Basil Fawlty on 11.16.15 at 8:19 pm

Nutjobs aside, you fail to address the issue of the increase in interest payments associated with the normalization rates. If rates go to say 5%, the interest on the $18T in US federal debt will rise dramatically. Where will this money come from, or what will have to be cut?
It seems like a rational question, yet you continually ignore the issue, while casting dispersions. Do you have an opinion on this point?

My opinion is the Fed thought of it before you did. — Garth

#46 Mark on 11.16.15 at 8:21 pm

““Even if you’re underwater, it’s not a big deal, because as long as you live in this house and you pay your mortgage, that’s fine,” Benjamin Tal, deputy chief of CIBC’s World Markets, told CBC News

No conflict of interest there, eh, Benny?

Good lord, did an educated bank economist actually say that? Doesn’t he know that an underwater secured loan (of any kind) automatically means that credit markets will increase the risk premia applicable to the loan on account of a chunk of it being unsecured?

This is why negative equity is so hard to extricate oneself from, other than through default/bankruptcy. As creditors detect negative equity, they increasingly demand higher rates to compensate for the higher risk associated with such a loan. Such higher rates, of course, weaken the financial position of the borrower, further reinforcing negative equity. While new borrowers with decent equity going forward in the falling price environment may pay rates more typically associated with a deflationary environment, those with negative equity will probably face higher rates. Creating the sort of two-tier system that largely hasn’t existed in the past (as I’ve often lamented, a dentist in the GTA with solid minimally cyclical income was typically paying an interest rate similar to an Edmonton-based O&G-employed jackscrew on mortgage borrowing from Canadian banks, despite the latter having highly cyclical income).

#47 John Prine on 11.16.15 at 8:22 pm

Nice to see no digs about Trudeau today….I like this blog when we stick to investing, markets and real estate, been getting a bit off course as of late. Trudeau is here for at least 4 years and nothing has collapsed yet.

#48 Frustrated Kiwi on 11.16.15 at 8:25 pm

Garth – I do love the way you are willing to make bold calls (e.g., the Clinton one in this post). No namby pamby hedging of prose for you! Agree with you though that Clinton is looking the most likely at this point – but there’s a long long way to go.

#49 steve on 11.16.15 at 8:26 pm

Ego / keeping up with the Jones / is not the key to happiness / having a small mortgage is / walk / hike / love friends and family

We need to remember bricks and mortar is not happiness

#50 Leo Trollstoy on 11.16.15 at 8:26 pm

Human nature is not your friend during times like these. That’s why you need a badass blog to set you straight.

Amen.

Best blog. Ever.

#51 Fuzzy Camel on 11.16.15 at 8:27 pm

It’s been to good for too long. The words of many veteran home builders, some with 40+ years in the biz.

That said, this thing will keep going until it doesn’t.

Housing market feels like a really crowded game of musical chairs, when the music stops, only 1 chair for a lot of people.

#52 Leo Trollstoy on 11.16.15 at 8:28 pm

I can’t believe Toronto and Vancouver real estate prices. It’s incomprehensible. Never seen anything like it. Maybe when prices skyrocketed in the 80s. Maybe.

I seriously underestimated the crack cocaine known as low interest rates.

Insanity. I hope I live to see the end of this horror story.

#53 Freedom First on 11.16.15 at 8:29 pm

#5 For those about to flop

No humor=Fail

#54 GB on 11.16.15 at 8:30 pm

Nice post as usual.

Blog dogs, do not forget to sign the petition. Immigration must take time to check incoming Syrians. Make sure the kid hears the message.

http://www.petitions24.net/non_a_limmigration_des_25000_refugies

#55 common sense on 11.16.15 at 8:31 pm

I too read Zero Hedge, David Stockman and this blog SELECTIVELY.

For all the so called “nuts jobs” on the other sites, believe it or not, quite a few accurate calls have been made in the past few months regarding the markets, oil prices, etc and my returns have been positive.

Never collectively make an assumption about anything, anywhere…we all know how that turns out don’t we?

Just have to TRY and separate the chatter from the reality.

#56 Rexx Rock on 11.16.15 at 8:31 pm

Bank bailouts,zirp and trilions of qe or printed money.What recovery?, its all propped up.Sure I’ll go along for the Keynesian magic carpet ride but one day it will collapse.Normalization of rates will just add more billions to the yearly interest paid on the debt.No problem just print more money.Is this our new way of life that will continue with no consequences for the central banks actions?

#57 westcdn on 11.16.15 at 8:32 pm

I see horrible things being perpetrated on the innocent worldwide – whether it is drone attacks or deranged gunman. I was struck by the Norwegian nationalist who killed nearly a 100 on his own on an island a few years ago. He was not muslin – just an idiot who seemed to believe in racial purity. Christ, we are not short on idiots!
I think at the end of the day we will find that most of the Parisian idiots were French nationalists, much like our Norwegian idiot. It is wrong to blame foreigners for our problems when it is obvious the rot is from within. All nations have discontents and they are our greatest danger.

We have to think about ending societies of excessive haves and not so lucky have nots. Personally, I do not like Marxism which I think weakens the overall soul of people. If I am wrong – I will happily greet you in hell.

Oh, by the way my preferred and reits are doing well. I don’t have faith in a December Fed increase since employment is a lagging indicator, EM is weak and consumer spending is falling. I am still seeing deflation. I am not afraid of being wrong… but I have to call them as I see them.

#58 Freedom First on 11.16.15 at 8:34 pm

#47 John Prine

Nobody cares what you like. Suck it up buttercup.

#59 Victor V on 11.16.15 at 8:36 pm

Warren Buffett keeps the faith in oilsands as Berkshire Hathaway Inc raises stake in Suncor Energy Inc

http://business.financialpost.com/news/energy/warren-buffett-keeps-the-faith-in-oilsands-as-berkshire-hathaway-inc-raises-stake-in-suncor-energy-inc

#60 common sense on 11.16.15 at 8:37 pm

Funny..I saw this video today and thought of Freedom First aka “Rhona”

https://www.facebook.com/Barstarzz/videos/10153768397907287/

#61 Basil Fawlty on 11.16.15 at 8:40 pm

Yes, of course the Fed has thought about it, even before me, which is tough on the ego.
It looks like the Fed is trapped. They are still saying rate increases are data dependent, in relation to the economy. However, the issue of increased interest payments, while not discussed much, has to be a factor here, since a 1% increase equals an extra $180B in annual payments.
Where will the money come from? Inquiring minds want to know?

#62 Victor V on 11.16.15 at 8:41 pm

http://business.financialpost.com/news/economy/responsible-deficits-will-help-canadas-weak-economy-morneau

Besides budget plans, Morneau said one of the first briefings he sought was on the real-estate market. Canada’s central bank and housing agency have both said there are signs of modest over-valuation of housing prices, especially in Toronto and Vancouver. The Organization for Economic Cooperation and Development said last week tighter regulations are needed to curb a market that’s been fed by record household debt in a period of low interest rates.

“There is significant differences across the country, in terms of our housing markets, and that’s something that we will pay close attention to,” Morneau said.

#63 Smoking Man on 11.16.15 at 8:45 pm

#54 GB on 11.16.15 at 8:30 pm
Nice post as usual.

Blog dogs, do not forget to sign the petition. Immigration must take time to check incoming Syrians. Make sure the kid hears the message.

http://www.petitions24.net/non_a_limmigration_des_25000_refugies
….

Sorry dude, my parent’s both fleeing the Nazis came to Canada as refuges, called them DPs back then

Cant sign this..

Will some of those that arrive be Isis probably, but I fear no Man or God..

And don’t think anyone that comes here will cause any trouble, I’m sure they will appreciate demented Canadian kindness.

#64 Victor V on 11.16.15 at 8:45 pm

NEW – Enbridge cuts 5% of workforce

http://www.cbc.ca/news/canada/calgary/enbridge-calgary-oil-gas-jobs-layoffs-1.3321961

#65 common sense on 11.16.15 at 8:46 pm

FED raises rate a big, fat whopping .25 because if they don’t, any shred of credibility is lost…..

Markets likely tumble..FED steps in to lower rates or introduce QE4…markets saved AGAIN temporarily…

Kick that can even farther down the road….

Markets will not tumble, as this is already an expected event. No QE coming, just another five to 10 rate increases over the next couple of years. — Garth

#66 JSS on 11.16.15 at 8:48 pm

Hey #64 Victor V

Find your own news to report. I already reported this on this pathetic blog (post #38). OK?

#67 Brian Ripley on 11.16.15 at 8:51 pm

The data below are from my data set taken from the TREB monthly reports:

8,512 Oct-14
6,519 Nov-14
4,446 Dec-14
4,355 Jan-15
6,338 Feb-15
8,940 Mar-15
11,303 Apr-15
11,706 May-15
11,992 Jun-15
9,880 Jul-15
7,998 Aug-15
8,200 Sep-15
8,804 Oct-15

Chart here: http://www.chpc.biz/sales-listings.html

My data set shows a 3.43% increase (Oct/Oct) in total GTA residential sales.

Not too valid without being expressed as a percentage of the population or the available housing stock (20,000 new condo units every 12 months). When those are factored in, sales growth is negative. — Garth

#68 espressobob on 11.16.15 at 8:52 pm

Zero hedge, Sprott, Faber, Schiff, and many others too exhaustive to mention pray on the vulnerable!

What a shame.

At least Garth offers the goods. A little research on an investors part might shed some light on the activity engaged in, instead of the bad bias.

Wake up!

#69 common sense on 11.16.15 at 8:55 pm

#65 Garth

Yes I am mistaken, markets have this somewhat already built in…

Markets will not tumble? Will the USD be stronger? Will debts be harder to pay as interest rates rise? YES.

If bubbles already exist in housing, credit debt worldwide, over inventory coupled with an aging society…where does this GROWTH come from the next 5-10 years which drives investments, stocks?

India? China?

#70 rainclouds on 11.16.15 at 8:56 pm

#26 Bway

“and there never was. it’s langley. past surrey. land of cows.”

Doesn’t seem to stop the BCREA propaganda machine, or you…………

#71 Ronh on 11.16.15 at 9:05 pm

” logic should be screaming that this is probably the worst time to be acquiring an asset which has never cost more ” – like the stock market?

Its Monday

Hardly. Look at the market P/E ratio. — Garth

#72 slow melt on 11.16.15 at 9:06 pm

Ice cream still good but slowly melting….much like house prices. .fill your boots while you still can

#73 For those about to flop... on 11.16.15 at 9:12 pm

#53 Freedom First on 11.16.15 at 8:29 pm
#5 For those about to flop

No humor=Fail

////////////////////////////////////

I’m glad you put down your My Little Pony collection long enough to post 3 b-grade threads.Missed you!

#74 TS on 11.16.15 at 9:13 pm

Guy in the Hockey Dressing room decided he didn’t need his 2000 square foot house in Ottawa Suburb he bought in 2012 last week and he sold it

Bought it for $440,000 and sold it for $430,000 three years later.

Real Estate always goes up though. Always….

#75 Mark on 11.16.15 at 9:13 pm

“…where does this GROWTH come from the next 5-10 years which drives investments, stocks? “

Go look at the worst performing sectors of the stock market in the falling interest rate environment over the past 30-40 years. That is where I suspect you’ll find the ‘growth’.

The precious metals sector really stands out for me at least. I suspect investing in it today will provide (tech-company-heavy) Nasdaq-like returns similar to the early 1990s onward. A deeply countercyclical sector just waiting to explode after decades of malaise.

But generally speaking, you’re right, its not going to be fun times for a good chunk of the world that’s highly indebted and addicted to debt-financed spending. Standards of living are going to fall in countries with excessive public and private debt to GDP. The minimally leveraged will gain significant ground.

Gold? That was funny. — Garth

#76 Darryl on 11.16.15 at 9:19 pm

Love my 6 burner Wolf . One of my best purchases .

#77 Smoking Man on 11.16.15 at 9:19 pm

The madness continues.

http://www.trebhome.com/market_news/market_watch/index.htm

#78 bdy sktn on 11.16.15 at 9:21 pm

#70 rainclouds on 11.16.15 at 8:56
Doesn’t seem to stop the BCREA propaganda machine, or you…………
________________
I have been calling a buy on e van dirt consistently since 09
In the face of dozens screaming impending doom.

Sub700k to 1300k it’s been a good run

#79 common sense on 11.16.15 at 9:26 pm

#74 Mark

Gold? not right now in your wildest dreams…

Where is inflation? Deflation for a while likely..

#80 TD RAISED RATES TODAY on 11.16.15 at 9:28 pm

2.84% for a 5 year fixed, 3% on the way soon….

#81 For those about to flop... on 11.16.15 at 9:30 pm

common sense on 11.16.15 at 8:55 pm
#65 Garth

Yes I am mistaken, markets have this somewhat already built in…

Markets will not tumble? Will the USD be stronger? Will debts be harder to pay as interest rates rise? YES.

If bubbles already exist in housing, credit debt worldwide, over inventory coupled with an aging society…where does this GROWTH come from the next 5-10 years which drives investments, stocks?

India? China?

////////////////////////////////////
Hey Common,I put some money into India earlier this year partly because I thought it was ready to explode ,partly because my wife is brown…It is down around 10% but I’m holding not selling.

#82 Freedom First on 11.16.15 at 9:33 pm

#60 common sense

No. They both fight like girls. But I can see why you relate.

#83 Patrick on 11.16.15 at 9:38 pm

#8 Broke Dick on 11.16.15 at 7:02 pm
This is strange.
A container of ice cream that fell out of it’s package and not yet melted.
I don’t get it.
_________________________________

It’s fort mac in January. -45 C in the day.

#84 Fed up on 11.16.15 at 9:41 pm

There seems to be an understanding that as the Fed is considering raising rates all is well, and people should not be doomers. The Fed has one of the worst track records of any institution out there, and has never forecasted a recession despite two of the largest crashes (dot com and credit crunch) happening right under its nose. No-one knows for sure until the interest rates are normalized what mal-investment will be discovered as the tide goes out. Meanwhile, I hold my nose as I invest.

#85 common sense on 11.16.15 at 9:42 pm

#81 Freedom First.

You truly are an a#$%..

They fight like girls as they ARE girls.

Better to keep your mouth shut having people THINK your intelligent vs opening it and confirming that your not.

Priceless…..

Be Humble FF…As Mike Tyson also said that can apply to any plan…”Your well thought plan changes the second you get punched hard in the mouth.”

#86 White Crock BC on 11.16.15 at 9:45 pm

Basil..

They’re the US of freaking A. They can do whatever they want. They can do no wrong. They are the world’s “reserve currency” which is literally a license to print money.

$18.5T in debt? (try $65T. usdebtclock.org)

No one cares. Not them, not the world.

Can I even begin to understand that? Nope

#87 DON on 11.16.15 at 9:48 pm

#1 old gringo on 11.16.15 at 6:44 pm

With the Keystone pipeline cancelled and the oil tankers being stopped at the West Coast, where does that tar sand oil go?
******************

To a refinery in Alberta? I know I know not feasible…hmm!

#88 Valleyboy on 11.16.15 at 9:48 pm

I agree with fear but trying to be ahead of the crowd can be rewarding also. dirivitives, and interest rates seem to be a big concern with the doomers. Can you give us any insight on this topic?

#89 Valleyboy on 11.16.15 at 9:49 pm

Oops. I mean I agree with you on fear mongerors.

#90 Lea on 11.16.15 at 9:55 pm

YVR is truly a magnificent beast! The terror of “buy now or buy never” rules the land.

It puts our bubble (L.A. ~2006) to shame. I salute CREA.

#91 bubble cardz on 11.16.15 at 10:09 pm

Garth

I don’t think we should be sending this kid to any more summits…too embarrassing…I mean pledging $14m in chump change to developing countries will just make us look like cheapskates….he would probably do less damage if he was confined to hockey card conventions…maybe trade an old Johnny Bower card for a Gumper….the possibilities are endless

#92 cd on 11.16.15 at 10:12 pm

I guess the ice cream is another example of the glass half full/empty idea. For some it is a sign that they should know better and should be eating raw dark green leafy vegetables. For others they think that no matter what, the middle is still ok. I personally would take that ice cream and smear it on my lab partner’s windows.

#93 bubble cardz on 11.16.15 at 10:17 pm

#84 common sense on 11.16.15 at 9:42 pm
#81 Freedom First.

You truly are an a#$%..

They fight like girls as they ARE girls.

Better to keep your mouth shut having people THINK your intelligent vs opening it and confirming that your not.

Priceless…..

Be Humble FF…As Mike Tyson also said that can apply to any plan…”Your well thought plan changes the second you get punched hard in the mouth.”

There is no way Tyson spoke so eloquently….it was more like “evy’rone got a plan till he get hit” said with a hip hop baddest man on the planet Mr T style snarl…..although I worry about the future of the free world if Mike Tyson starts to be used a basis for intellectual interchange….you would probably have more street-cred if you quoted Mr Chow from the Hangover….

#94 scoobie snax on 11.16.15 at 10:24 pm

Garth

Did you lay out that ice cream on the floor mat of your drive as a treat for Bandito….

No. He’s into Rocky Road. — Garth

#95 Mark on 11.16.15 at 10:25 pm

“Gold? not right now in your wildest dreams…

Where is inflation? Deflation for a while likely..

Deflation proved to be quite swell for gold and the miners in the 1930s. I see a lot of parallels, and generally every ‘generation’, in their lifetime, experiences both extremities of inflation and deflation.

The world is awash with over-capacity in nearly every industry. Bond prices now appear to be rising in the absence of policy rate increases on account of increasing concerns of credit-worthiness arising. There’s a huge pipeline of defaults waiting to unfold in the public (think: US munis) and the private sector (US O&G, and Chinese manufacturers). House prices are falling worldwide. And there’s very little in terms of identifiable growth drivers.

The reason deflation is good for gold is that it drops the cost of mining it (good for miners), in conjunction with creating more demand for it to hedge against defaults. In the strong inflation scenario, gold does well as a store of wealth. If you compare the 1930s scenario (deflation) with that of the 1970s (inflation), deflation actually proved to deliver much stronger relative returns (100X for the large-cap gold miners of the time relative to the Dow) than in the 1970s where the multiple was considerably less.

Where gold doesn’t perform well and stagnates/decreases is in times of monetary stability. If central banks can maintain the 2% inflation target, then there’s no reason for gold. But I reckon that, given that extraordinary policy measures have mostly delivered significantly below target CPI and falling prices, that monetary policy has largely lost its effectiveness.

Another source of upside in gold in a deflationary environment is that base metal mines shut down on account of lack of demand. Much gold and silver is produced not in dedicated gold or silver mines, but as a co-product of copper or zinc production. So when the big copper/zinc mines shut down, volumes of newly mined gold/silver fall as well, contributing to upward price pressures on the remaining supply from the limited number of dedicated mines.

There is no deflation in North America. This is not the 1930s. Buy all the gold you want, and we’ll watch the trainwreck. — Garth

#96 John in Mtl on 11.16.15 at 10:27 pm

“…and Hillary Clinton’s going to be the next president, so the world will get a different-hued Obama…”

Just what the world needs, another clueless, crooked, war mongering POTUS. At least she’s not a clown, she’s “deadly” serious.

#97 John in Mtl on 11.16.15 at 10:28 pm

#15 Basil Fawlty on 11.16.15 at 7:13 pm
In addition, the normalization of rates is going to create massive defaults, as we are at the top of the biggest credit bubble in world history.

For a lousy 0.25% hike? Gimme a break!

#98 Timmy on 11.16.15 at 10:29 pm

I doubt Hillary will be the next president. She is evasive and rarely takes a position on so many issues. It is more likely that we’ll see a Republican for the next president simply due to the last 8 years of Democratic rule. I will enjoy watching the circus of the whack job Republican candidates duking it out…

#99 Snowboid on 11.16.15 at 10:32 pm

#21 J.B. on 11.16.15 at 7:22 pm…

$.51 US a litre at our local NW Phoenix station today.

Who’s getting hosed? All of Canada!

#100 WallOfWorry on 11.16.15 at 10:33 pm

Lost in the noise? Garth….you relentlessly focus on real estate prices and who could argue that real estate appreciating far greater than incomes is a bubble in the making? Yet….can you seriously suggest that global growth continues like all is well in the world? The western world is seeing a litany of economic indicators that would suggest that we are closer to a recession than an economic boom, with the US heading towards its ten straight year of GDP growth less than 3%? If real estate can’t continue to appreciate without corresponding income growth then how can interest rates rise when government debt has mushroomed (from $5 T to $19 T) without corresponding economic growth? How is one different from the other?

Last US jobs report: 271,000 new positions in a month and 2.5% wage growth. Peddle your fear elsewhere. — Garth

#101 Terry on 11.16.15 at 10:37 pm

“Human nature is not your friend during times like these. That’s why you need a badass blog to set you straight. N’est-ce pas?”

That is so Garth………so very true. Quelqu’un a à aider le blog des chiens.

#102 POSSIBLE REFUGEE SOLUTION on 11.16.15 at 10:41 pm

A possible solution to the refugee problem.
I think the UN should gather a coalition of heavily armed nations and carve out a 30 mile x 30 mile piece of land on the coast of Syria that is somewhat defensible.
Then they should put a Fantastic Fence around it.
Defend it with UN sponsored artillery and air support.
Declare it a tax free work zone. An international Free Port.
Then let in any refugee who wants to start a new life.
Ask the world’s nations for donations of port equipment, building materials, food and everything that a startup nation needs to survive. Bring it all in by sea and if no ports are available use temporary ports like a landing on the beaches of Normandy.
Use Israeli style security at borders to keep all weapons out.
It could be a huge positive out of the negative.
This could be replicated anywhere there are mass migrations happening such as the coast of Libya or Yemen.
Use a coalition of Professional Statesmen and Bureaucrats from several respected Nations to form a benevolent dictatorship possibly headed by the experts in that type of government… Singapore. ( Singapore is the most successful nation at merging different nationalities and religions into communities)
Bring in a competent crew of surveyors and property registrars from the west. Compensate land owners for all expropriated land and sell parcels to the investing world. This will bring in an unprecedented wave of investment and jobs.
Make a Government of strictly outsiders only for 10 years and then start adding only 10% locals per 5 year period in a graduated handover of power. (Unlike forcing democracy onto Iraq when they weren’t ready).
Consider handing back the enclave if the host nation becomes stable and safe. Never declare the zone a new country. Simply call it an international zone within the host nation but the host nation will have no political power.
After a few of these are set up within the Middle East in the path of Refugee routes there will be a realization that these enclaves will become new “ Dubai’s “. This will put pressure on existing failed states and weak states to free up their Citizens. Improve their government and work towards democratic reforms and transparency. Provide better protection and simply compete for citizens or they will lose them all.
This will completely unburden the refugees from worries about Security and Government for a generation while they get used to the idea of democracy slowly and in incremental steps. We could take lessons from the handover of Hong Kong whereby the people had to learn and understand what democracy is.
With freedom to work in a Free Port, people will quickly rise from the ashes and investment will come.
Above all the world needs to trade freely with the Middle East. The root cause that enables Terrorist to recruit easily is youth unemployment at around 75%. So drop all tariffs and trade barriers. Nations that trade with each other seldom go to war.
This will unburden the Western democracies of massive migrations and mitigate all that that entails. The West should be free to accept immigrants in an orderly fashion. Not a flood of Refugees who really did not want to leave home in the first place.
It will be cheaper and safer than having to subsidize and accommodate millions in Europe.
For those whose argument is that we have no right to seize land like this, I say we do as it is an act of war when a country cannot guarantee safety and security of its people, leaving the rest of the world to deal with its problems.

#103 scoobie snax on 11.16.15 at 10:42 pm

Meanwhile, one “sage” scribe proposes flooding Montreal’s English schools with Syrian refugees……talk about a haphazard plan!

http://montrealgazette.com/opinion/columnists/celine-cooper-let-quebec-english-schools-take-in-syrian-refugees

#104 Jens on 11.16.15 at 10:45 pm

“And when it comes to the fear that guys from China are buying all the houses, Kay pegs the number of total foreign purchases at 2.8% in Vancouver and just 0.2% in Toronto.”

Garth, I think the Chinese have something on you. There is no other explanation for the denial of what is happening in Vancouver. Now Chinese buyers are snapping up condos, wives and students are buying loads of them. .2 percent my ass. We all know it is a much higher ratio. Oh wait a minute, play the race card, that’s a good way to snuff out dialogue and discussion.

Not my number, dude. But give us your stat. — Garth

#105 Timmy on 11.16.15 at 10:54 pm

If the investment newsletter guy is a genius, with all the moves figured out, why’s he hocking it to you instead of making millions trading?”

The same reason the financial advisor is hawking his services–because he hasn’t figured it out himself either and therefore has to get rich off the outrageous fees clients are charged for mediocre performance.”

My clients max out at 1%, tax-deductible, and I have untold wealth and hot groupies. Nice try, though. — Garth

#106 Cici on 11.16.15 at 11:00 pm

C’est vrai…but just try convincing your Mom, LOL!

Good advice tonight.

#107 Love my Kia on 11.16.15 at 11:05 pm

#63 Smokey;

We are all immigrants, and many of us have family stories through the generations of being ridiculed and outcast as unwanted foreigners while looking for a better life.

What strikes me funny is that I have some relatives now who are fighting immigration policy to bring in refugees, themselves having backgrounds where they held the short end of the stick. Hypocrisy knows no bounds.

#108 A Yank in BC on 11.16.15 at 11:07 pm

“..and Hillary Clinton’s going to be the next president,”

I assume that is simply your prediction, and not in any way your wish. At least I hope so.

How can it be otherwise? — Garth

#109 Tony on 11.16.15 at 11:11 pm

Why?

They had to bring the NASDAQ back to the 5,000 level. At least it wasn’t 5,000.00 at the close. That would have looked a bit too obvious.

#110 bonbon on 11.16.15 at 11:14 pm

Thank you so much Garth. This is exactly what I needed to hear today. Fear has been playing in my mind this past week about being priced out. Looking for another rental currently as our landlord is planning on knocking this one down and building a monster home worth 2.1 million. Seriously think he’s dreaming but I’m hearing people say he might just get it. Frustrating but your blog keep’s me real.

#111 Brian Ripley on 11.16.15 at 11:24 pm

Thanks Garth for the note on post #67.

Yes that is correct my GTA residential sales data are in relation to themselves, but the chart does show the periodic nature of the sales dynamic throughout the year.

I also chart the Monthly Absorption Rate (MAR) and the Months of Inventory (MOI):

http://www.chpc.biz/mar-moi.html

…and that does show us the relationship of total sales to total active inventory.

What is surprising to me is that in the GTA the MAR exceeded 65% this year (almost 70% in 2011) and the MOI currently is barely over 2 months.

At the street level it must appear to most people in the GTA that listings are selling with little effort; unfortunately I’m not at street level.

Thanks again, BR

ps… I do not see any charts on Ross Kay’s site. Hopefully one day we will have access to much more relevant data so that we can have better conversations about affordable housing.

#112 Drill Baby Drill on 11.16.15 at 11:31 pm

#97 Timmy

“I doubt Hillary will be the next president. She is evasive and rarely takes a position on so many issues.”

She sounds like the perfect politician.

#113 Herb on 11.16.15 at 11:32 pm

Read it and weep. It’s not a conspiracy theory, but a pretty good assessment of the recent history of the Middle East.

… the relative handful of suicidal jihadi who have perpetrated murderous episodes of terror like 9/11 and this weekend’s carnage in Paris … would not be marauding the West today save for the unrelenting arrogance, stupidity, duplicity and mendacity of Imperial Washington.

http://davidstockmanscontracorner.com/blowback-the-washington-war-partys-folly-comes-home-to-roost/

#114 };-) aka Devil's Advocate on 11.16.15 at 11:42 pm

Third, beware public sentiment. Most people almost always get it wrong. In 2009 the herd panicked after seeing financial markets dive, and stampeded the exits – selling when they should have been buying. Overwhelmingly, investor sentiment was negative because everyone believed what just happened would happen again. Fear trumped logic, since rational people would see assets they’d previously wanted selling for a 50% discount. Today thousands of investors are being herded into house deals they’ll likely regret.

Sage advice to be sure, but as applicable in any market segment be it financials or real estate. Tit for tat be you selling financials, real estate or cars, deal with a professional you feel good about, can trust and know they have your best interests at heart.

On the real estate front (my area); when it seems most like it is against you is the time to hold off as, more often than not, a correction is just around the corner. However, the caveat is… it never falls so much as it gained. You can’t time the markets. the best yo8u can do is make well informed rational decisions. Factor in at least 6% mortgage interest even though current rates are less than half that, use the excess to pay down the debt. When it (the rate) does go up you won’t be so shell shocked.

Do what’s best for you.

SHIFT happens, learn to ride the tide.

#115 time to get precious on 11.16.15 at 11:43 pm

The white knuckle express is coming soon, time to stock up on gold and silver….

http://www.thestreet.com/story/13366083/1/stocks-will-move-higher-in-coming-days-before-a-huge-selloff.html?puc=yahoo&cm_ven=YAHOO

http://finance.yahoo.com/news/bold-call-silver-120014229.html

http://www.marketwatch.com/story/stock-market-enters-final-bull-market-stage-2015-11-16?siteid=yhoof2

Your junk journalism illustrates my point perfectly. Thanks. — Garth

#116 Smoking Man on 11.16.15 at 11:45 pm

How does one brain wash young people into blowing themselves up and cutting down innocent people.

Who does one brain wash young people into blowing up there economy, with climate change..

Holding a PhD in herdonomics you would think I have the answer..

And I do, get em drinking the cool aid when there 4.

Only one way to thort this..

Stay drunk, be hungover every day.. no chance in China any God or Guru will own your brain..your

Its to busy trying to walk straight.

#117 };-) aka Devil's Advocate on 11.16.15 at 11:52 pm

and… if you can’t afford it at double the interest rate… guess what….

YOU CAN”T AFFORD IT!!!
regardless of what your banker says.

#118 Smoking Man on 11.17.15 at 12:06 am

#106 Love my Kia on 11.16.15 at 11:05 pm
#63 Smokey;

We are all immigrants, and many of us have family stories through the generations of being ridiculed and outcast as unwanted foreigners while looking for a better life.

What strikes me funny is that I have some relatives now who are fighting immigration policy to bring in refugees, themselves having backgrounds where they held the short end of the stick. Hypocrisy knows no bounds.
…..

My moms best child hood friend, a Jews girl, entire famly shipped off, never to be seen again..
Mom granny, and all her sister’s, raped by nazis.

Dad, three concentration camps, labour camps..

Its amazing how everyone forgot about that little dead boy on the beach.

Bring in the refugees, a few terrorist will get in..

Tell em smoking man lives here, you better stay in line..

I played Jr hockey…fear no God or Man.

Notice how I don’t include woman in the above statement..

Learned my lesson. Married a Scott.

#119 Tony on 11.17.15 at 12:07 am

Re: #46 Mark on 11.16.15 at 8:21 pm

The banks can and will also ask the person with the mortgage to anti up more and more money as the price of the given home falls in value.

#120 DON on 11.17.15 at 12:24 am

#37 MSM-Free Zone on 11.16.15 at 7:51 pm

“Even if you’re underwater, it’s not a big deal, because as long as you live in this house and you pay your mortgage, that’s fine,” Benjamin Tal, deputy chief of CIBC’s World Markets, told CBC News

No conflict of interest there, eh, Benny?

http://www.cbc.ca/news/business/young-homeowners-house-prices-drop-1.3310858
********************************

Don’t worry kids, you still have your liberty, just less mobility. Be a good employee. Keep on paying your slightly increasing mortgage payments and forego everything else in life. Yikes! Wonder how divorce enters into the equation. The 80s in Western Canada – rising mortgage payments, shedding jobs, housing pop, divorces due to financial stress.

#121 IKnow on 11.17.15 at 12:25 am

#19 Rainclouds on 11.16.15 at 7:18 pm
Visiting Langley yesterday. Area of 1/2, 2/3 acre lots. Nice houses, 30 yr old ish.

House sold on my buds street, “How much?
Vendor asked 768k, sold 700k, (actually settled on 730k BUUUUT the septic system was hooped upon further inspection. Knock 30 G’s off or we aint buying!

Doesn’t seem like a bidding war there…………

—————————————————————

Do a reality check:
Greater Vancouver demands and consequently the house prices are directly heavily dependent on ethnic Chinese interest – just ask any developers or realtors or thoughtful observers.
High ethnic Chinese interest = explosive price escalation.
For worse or better, Langley is not on ethnic Chinese radar.

#122 saskatoon on 11.17.15 at 12:28 am

#54 GB

most of the displaced syrians…are NO LONGER REFUGEES.

use of this term is establishment spin/propaganda.

#115 Smoking Man

“How does one brain wash young people into blowing themselves up and cutting down innocent people.”

the same way one can brainwash young people to hate themselves (for carbon output) and fear “climate change”.

#106 Love my Kia

“We are all immigrants, and many of us have family stories through the generations of being ridiculed and outcast as unwanted foreigners while looking for a better life.”

more psychologically unhinged (over-simplified) propaganda.

older immigrants “enjoyed” a limited or non-existent welfare state.

this is the key issue–NOT “we are all immigrants”.

#123 bill on 11.17.15 at 12:35 am

This blog has become so PC, Garth was probably cheering when crazy sanders blamed ISIS on CO2 emission.

#124 DON on 11.17.15 at 12:38 am

#69 common sense on 11.16.15 at 8:55 pm

#65 Garth

…. If bubbles already exist in housing, credit debt worldwide, over inventory coupled with an aging society…where does this GROWTH come from the next 5-10 years which drives investments, stocks?…..

India? China?

**************************

Just thinking – but growth in new technologies which the US seems to be focusing on lately and less on manufacturing consumer goods. In any event I am also having trouble with the subject as I see the geopolitical landscape is changing. Will have to wait for more info to separate ‘reality from the chatter’.

#125 DON on 11.17.15 at 1:14 am

#109 bonbon on 11.16.15 at 11:14 pm

Thank you so much Garth. This is exactly what I needed to hear today. Fear has been playing in my mind this past week about being priced out. Looking for another rental currently as our landlord is planning on knocking this one down and building a monster home worth 2.1 million. Seriously think he’s dreaming but I’m hearing people say he might just get it. Frustrating but your blog keep’s me real.
****************************

I can see that still happening in Van, even if it is starting to slow, nobody will notice at first. You may have to wait longer given the way the locals are all in a frenzy…remembering that in an instant things change can happen.

Been browsing through the rental market in the HOT market of the Greater Victoria Area. Seen a few landlords renting out the top floor, while they live in the basements and are looking for top dollar for the pleasure. The new way – the young are already experiencing some difficulty. Rents still high…but saw a nice rental house with a ‘Price reduced’ as the caption.

Have to wait a little while longer till the herd takes notice and comes down to reality.

#126 Van real on 11.17.15 at 1:49 am

I’m worried that the fear in Europe will only increase the desirability of Vancouver real estate as a safe place to park money. Can 2000000 for a sfh in the city proper be far off. This isn’t healthy.

#127 K on 11.17.15 at 2:15 am

#117 smoking man. It’s heartening to hear someone with a dose of humanity instead of hatred and xenophobia. You’re a good person.

#128 OXI in GREECE on 11.17.15 at 2:22 am

#68 espressobob on 11.16.15 at 8:52 pm
Zero hedge, Sprott, Faber, Schiff, and many others too exhaustive to mention pray on the vulnerable!

What a shame.

At least Garth offers the goods. A little research on an investors part might shed some light on the activity engaged in, instead of the bad bias.

Wake up!
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

How are those Fed Rate Hikes predicted for the last three years working out for you?

No rate hike in December either……

#129 Credibility on 11.17.15 at 2:57 am

Garth, you yourself have maintained that there will be no crash,…only a correction. If a correction ca be assumed to be 20%, then that puts detached prices in Vancouver at 2014 levels.

Then you say
—————————————————————
“This is not lost on real estate marketers in 416 or YVR who spend their days telling people to “buy now or buy never.” The fear of getting “priced out” of the market is the single biggest driver of sales activity. That’s why they created Chinese buyers.”
—————————————————————-

If price increases of the last 13 years continue, of course people will be priced out. Especially when one says only a correction and not a crash.

If Vancouver prices are 20% higher next year, is it safe to say those that bought 2014 or earlier made it –> Bought then or never.

“If price increases of the last 13 years continue…’ If you start from that premise, you deserve what you get. — Garth

#130 Great Canadian Bubble Co. on 11.17.15 at 3:02 am

Right on Garth! We all need a little perspective from time to time. The world is a much better, much safer, much easier place to live than in any time before:

http://www.businessinsider.com/the-world-is-becoming-a-better-place-2014-10

This is why we should always encourage the study of history in schools! With context …

#131 cynically on 11.17.15 at 3:41 am

“and Hillary Clinton’s going to be the next president, so the world will get a different-hued Obama in heels.”
Garth, you forgot to add “but a smarter leader than Canada has had in the last thirty years, both of them.”

#132 Leo Trollstoy on 11.17.15 at 4:14 am

Gold is junk.

#133 cynically on 11.17.15 at 4:20 am

Thanks Herb @ 112 for the very insightful Stockman article. It should be a read for anyone interested in international affairs, the disastrous Cheney-Rumsfeld mistake (the Iraq War) and what it has led to in recent times and the horrors abroad today from both Al Queda and ISIS.

#134 Underwater...banks do not care until... on 11.17.15 at 4:49 am

#46 Mark, #118 Tony

Early 80’s underwater mortgages, the banks did not care as long as you continued to make payments…that is actually correct.

When you stop paying, the banks foreclose such as BOM did in Calgary back then (and other banks as well), I think back then up to $40,000 of your home equity was protected by AB bankruptcy laws and protected if your down payment was at least 20% and with mortgage insurance. Banks did what they could to keep you in your home and continue paying – renegotiating lower monthly payments.

However, you were still on the hook if the sale proceeds were less than the mortgage and any equity over $40,000 was used in bankruptcy to pay your debt. Laws have changed since then, but that is about right for back then.

During that period, the courts were backed up 6 months with foreclosure proceedings and that was just for Calgary. Many just walked away from their mortgages and that had a lot to do with losing their jobs, running out of EI/Severance/Savings and the like.

Also and back then, BOM alone kept thousands of foreclosed homes from the RE market so as not to further depress RE prices and thus erode their investment in those properties (the estimate was at least 3,000 homes kept from the market for BOM alone).

That is to say, doing all they could to ensure the selling price was greater than the mortgage amount.

The latter prompted the “$ Down” scam people that advertised that they would take over your mortgage for a $1 Down to you. They never transferred title and would then put renters in your home for months and pocket the rent since they knew it would take 6 months for the courts to foreclose. You would still be on the hook for the mortgage money and having to kick out unwitting renters in your home.

#135 liquidincalgary on 11.17.15 at 6:13 am

#3 Johnny D on 11.16.15 at 6:56 pm

@old gringo

They eventually go to refineries to be processed into fuel. Just with a bit of a delay with the glut. But instead of travelling safely, quickly, cleanly through a brand new pipeline up to 2015 standards, the oil will be carted greater distances by carbon emission spewing trains on questionable rails near residential areas. The environment will suffer a little more without keystone XL but hey, the symbolic aspect of it being cancelled means more than reality.

=============================================

the tank farm at Hardisty currently loads two, 120 rail-car tankers, per day. capacity is being expanded so that four, 120 rail-car tankers, per day can be loaded and shipped south.

this increased amount is the equivalent of 40% of what KXL would have carried.

one comment on the cannard of “carbon emission spewing trains”. a modern diesel locomotive has the equivalent efficiency of gassing up a compact car and driving it across the country on that one tank of gas.

#136 ROCK BEATS PAPER on 11.17.15 at 6:16 am

#71
“Hardly. Look at the market P/E ratio. — Garth”

A balanced view would point out that the CAPE is extremely high, the Buffet indicator (Market cap to GNP) is at its second worst extreme, and that the E in P/E is almost twice its historical average compared to GDP. Earnings are notoriously mean reverting against GDP.

Thanks God corporations are not leveraging their balance sheet to buy their shares back a record amounts when the stocks are at their highest prices!

#137 westcdn on 11.17.15 at 7:24 am

I have to follow up on my last comment. Not everything is going swimmingly with my Reits – Dream (D.un) is suffering. I still like them and recently bought some more shares because I think they are best in class and pay a decent dividend which I think can be maintained. I am in for the long run.

The old fogey retirement home Reits (sia & exe) have offset the loss on D.un. I seldom comment on shares because I am wrong a lot. I will be selling some of my winners to buy some of my losers. Life is best enjoyed by taking risks… (IMO).

It sucks when you are wrong but then my risk tolerance will not allow me to lose all on one bet and I like to harvest gains when they come to me. That is just me and requires backbone to suffer the inept losses I experience.

Trying to pick individual securities, when you know little and are a yield hog, augments risk. Buy the index with a good ETF. — Garth

#138 correct on 11.17.15 at 7:47 am

#46 Mark

He is correct, the bank doesn’t care, actually it has no clue. All the mortgages are in a huge database that look to be fed payments, it’s only when you go get a HELOC or miss a payment, a spotlight is on you.

Now JF (who is dead now) did actually try to introduce a 5yr “marking to mark” on mortgages, but this was just in theory as no bank can or will actually explain how it works for the top up payment. This is something that CMHC and the banks want to avoid as it would cause large dislocations in loan books

If you have a pool of mortgages in one area and someone decides to have a fire sale like this
http://torontolife.com/category/real-estate/condos/

Suddenly you have a problem – this place marked down 400k or about 20% from asking, then everyone in that area would suddenly be marked down and the banks along with CMHC would then have to come up with a way to make a margin call in that area. This is never going to happen as it would cause more fire sales, etc….

In Canada the only real way for downturn to snowball is from loss of jobs, Garth showed some great examples of this in Calgary of some monster houses taking huge hits.

Our firm watches for this area – JOBS, and I can tell you the first 1/2 of 2016 is looking very bad. Firms are in firing mode, teachers can’t find jobs and job listings are on a major decline. Be patient and you will see it snowball next year.

The boomer problem compounds this – you see all those Bank of Mom loans don’t come for free, they actually have a huge impact. Those boomers now have to work longer, they keep our young out of jobs (buyers of cookie cutters) and everyone else from moving up the paygrade. This suddenly brings cracks into the young buyer who supports the flipping on the way upward. Except now the top is getting out at the same time and the whole thing unwinds.

It’s coming, but it will always be based on jobs, I don’t care if rates are 10 bps.

#139 LP on 11.17.15 at 8:21 am

#132 liquidincalgary on 11.17.15 at 6:13 am
#3 Johnny D on 11.16.15 at 6:56 pm
@old gringo
*************************
… a modern diesel locomotive has the equivalent efficiency of gassing up a compact car and driving it across the country on that one tank of gas.

*************************
What’s more, no one has invented yet a pipeline that makes that gorgeous sound in the middle of the night of a locomotive in the distance. It doesn’t matter how cold out it is, my window is open a couple of inches just so I can hear the 3 A.M. train several times a week.

#140 DR on 11.17.15 at 8:27 am

#112 Herb on 11.16.15 at 11:32 pm
Read it and weep. It’s not a conspiracy theory, but a pretty good assessment of the recent history of the Middle East.

… the relative handful of suicidal jihadi who have perpetrated murderous episodes of terror like 9/11 and this weekend’s carnage in Paris … would not be marauding the West today save for the unrelenting arrogance, stupidity, duplicity and mendacity of Imperial Washington.

http://davidstockmanscontracorner.com/blowback-the-washington-war-partys-folly-comes-home-to-roost/

==================================

You need to loosen the chin strap on your aluminum foil hat. It’s cutting off the blood supply to your brain.

#141 Bottoms_Up on 11.17.15 at 8:29 am

#117 Smoking Man on 11.17.15 at 12:06 am
——————————
We agree again.

ISIS wants to promote anti-refugee fear in order to drive more people to their cause. Countries shouldn’t be closing borders to refugees, they should be opening them up more.

This is a humanitarian crisis on proportions not seen since WWII. The vast majority of these people are innocent, and just want a safe place to raise their kids.

#142 DR on 11.17.15 at 8:58 am

#133 ROCK BEATS PAPER on 11.17.15 at 6:16 am
#71
“Hardly. Look at the market P/E ratio. — Garth”

A balanced view would point out that the CAPE is extremely high, the Buffet indicator (Market cap to GNP) is at its second worst extreme, and that the E in P/E is almost twice its historical average compared to GDP. Earnings are notoriously mean reverting against GDP.

Thanks God corporations are not leveraging their balance sheet to buy their shares back a record amounts when the stocks are at their highest prices!

====================================

So what you’re saying is that you missed the rally. Too bad, more for the rest of us.

#143 Stubble Jumper on 11.17.15 at 9:10 am

#117 Smoking Man

Jr C maybe…. Lol

#144 TurnerNation on 11.17.15 at 9:19 am

#101 POSSIBLE REFUGEE SOLUTION

Can you name one country the UN has kept safe and secure since its inception?

#145 crowdedelevatorfartz on 11.17.15 at 9:28 am

@#77 Bdy Skytrn
“I have been calling a buy on e van dirt consistently since 09
In the face of dozens screaming impending doom.

Sub700k to 1300k it’s been a good run”
++++++++++++++++++++++++++++++++++++

So you’ve sold and reaped the benefit?
Cause your house is only worth what you sell it for.
You can just as easily ride that “run” back down if you’re greedy and believe “prices will never go down”…..
Keep drinking the CREA purple kool-aid.

#146 crowdedelevatorfartz on 11.17.15 at 9:36 am

@#120 IKnow

Greater Vancouver demands and consequently the house prices are directly heavily dependent on ethnic Chinese interest – just ask any developers or realtors or thoughtful observers.”
+++++++++++++++++++++++++++++++++++

Stats? Rather than “heresay evidence” rumour. To back up your racism….

#147 TurnerNation on 11.17.15 at 9:47 am

How long until Syria is given large IMF loans and debt to help with rebuilding after this time of destruction?

#148 busman7 on 11.17.15 at 10:06 am

Human nature is not your friend during times like these. That’s why you need a badass blog to set you straight. N’est-ce pas?

Oui, Si, you got that right, for sure!

#149 AB Boxster on 11.17.15 at 10:10 am

G&M story about how to co-own an home with your kids.

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/co-ownership/article23406333/

What could possibly go wrong?

#150 Broke Dick on 11.17.15 at 10:51 am

#35 Freedom First on 11.16.15 at 7:50 pm
#8 Broke Dick

I don’t get it.
………………………………….

It’s okay. I already knew that. Don’t worry about it, you have lots of company here. Myself excluded, of course.
=================================

Oh my I’ve been schooled by Freedom First.

How embarrassing :(

#151 Cory on 11.17.15 at 11:32 am

“If the investment newsletter guy is a genius, with all the moves figured out, why’s he hocking it to you instead of making millions trading? If there’s no risk in real estate, why don’t agents spend all their time leveraging and flipping?”

Exactly!! I have made these same comments to people and they can’t grasp it. I cannot grasp that people cannot grasp it when I bring up grasping it.

Realtors, bankers, investment houses etc…..I’ve asked them all this same question when they try to fill me full of bull….then the ad hominem attacks in the form of “I’m an expert, you’re a peasant and I have magic powers only I can obtain” start because as per usual, the human ego is bruised and causes people to lose all rational thoughts when it is challenged.

It is good practice when reading something or researching to always ask, where is this person coming from? what is the agenda (and it is always present)? and how do they make their money? This quick analysis usually saves me a lot of time and a lot of money.

#152 The Other Chris on 11.17.15 at 11:33 am

@147 AB Boxster on 11.17.15 at 10:10 am

House co-ownership sounds a lot like multi-generational mortgages, which have been popular in Japan ever since the beginning of the Japanese housing bubble (and subsequent crash).

Not a good sign in my view, but a clear indication of what damage perpetually low interest rates do.

#153 Estrella on 11.17.15 at 11:48 am

This video puts a human face on Fort Mcmurry,

http://www.theglobeandmail.com/report-on-business/video/video-a-housing-bust-hits-canadas-energy-boomtown/article27291841/

Rand has made a point, why don`t syrian refugees go to other arabic countries instead of moving into Europe

#154 bill on 11.17.15 at 11:48 am

#122 bill on 11.17.15 at 12:35 am
an impostor! get another cognomen there pal!!
and -not my opinion at all.

#155 Herb on 11.17.15 at 11:53 am

#138 DR,

and you need to study some history to understand how we got where we are. Imbibing propaganda is not enough.

#156 POSSIBLE REFUGEE SOLUTION on 11.17.15 at 11:58 am

#101 POSSIBLE REFUGEE SOLUTION

Can you name one country the UN has kept safe and secure since its inception?

Good point! Actually if the US or Canada or Sweden is manning the fences. There will be a deterrent.
In 1978 I travelled to Quinaytra Syria when the Canadians were in charge of the UN peackeeping duties for the Golan heights. I visited with the soldiers and scored a carton of Canadian Cigarettes while I was there. It seemed to be boring work with the odd monthly bullet flying by.

I don’t profess to have all the answers but defending a small area rather than having to conquer the whole country seems to be a more reasonable solution.
These problems won’t go away too soon. The solution is in long term planning.

Anyway it seems to be that the biggest beneficiary to reduced refugee flows would be the Europeans so it should be incumbent upon them and NATO to undertake such an endeavour.

One thing for sure would happen fast.
If you set up a couple of these enclaves. One in Libya and one in Syria. You would stop the flow of refugees in a hurry.
It just cannot be left as a “camp” It must be a permanent city build. These people are not going home any time soon.

#157 Rainclouds on 11.17.15 at 12:01 pm

#120 Iknow

“Chinese enclave”.

Like here?

http://seylynn.ca/?utm_source=postmedia&utm_medium=digital&utm_campaign=Seylynn

Your data?

#158 Holy Crap Wheres The Tylenol on 11.17.15 at 12:11 pm

#117 Smoking Man on 11.17.15 at 12:06 am
#106 Love my Kia on 11.16.15 at 11:05 pm
#63 Smokey;
We are all immigrants, and many of us have family stories through the generations of being ridiculed and outcast as unwanted foreigners while looking for a better life.
What strikes me funny is that I have some relatives now who are fighting immigration policy to bring in refugees, themselves having backgrounds where they held the short end of the stick. Hypocrisy knows no bounds.
……………………………………………………….
My moms best child hood friend, a Jews girl, entire famly shipped off, never to be seen again..
Mom granny, and all her sister’s, raped by nazis.
Dad, three concentration camps, labour camps..
Its amazing how everyone forgot about that little dead boy on the beach.
Bring in the refugees, a few terrorist will get in..
Tell em smoking man lives here, you better stay in line..
I played Jr hockey…fear no God or Man.
Notice how I don’t include woman in the above statement..
Learned my lesson. Married a Scott.
_____________________________________________
Smoking Man last week you mentioned your father was
in World war two, a (Veteran). Now you’re telling us he was in three concentration camps and labor camps? Which is it? Soldiers very rarely were put in concentration camps during WW2. Rape is an abomination against anyone. This practice is common in the middle east and Africa right now, all in the name of Allah. I’m sure any god does not propose this to be used a weapon. By the way it did a 180 degree near the end WW2 with the Russians invading Berlin. They raped thousands of German woman. Nobody is forgetting about the little boy who perished on the beach. As a parent I would have secured my child somehow if I new it was a perilous sea journey. If I couldn’t make sure they had adequate flotation devices I may have not taken that route.
Regarding the Jr hockey statement let’s not bullshit here
Your Jr hockey career won’t benefit you when a indistinguishable individual heavily clad with explosives walks into the crowded Starbucks and detonates near you. As for your conversations with God well if the former occurs then you get your chance. I would advise however if you are an infidel that opportunity to as you say it punch him in the mouth will no longer be viable. You will simply be worm fodder, dust, gone, blackness, void. Not fearing Man or God does not denote superiority but rather an imprudent naïve attitude. We all have fears, as an ex pilot who was shot at regularly our greatest fear was not being blow out of the sky but rather surviving the crash. Pilots who survived were tortured. Death was an easy out. So let your bravado down a bit cowboy. I’m not quite sure what to say about your woman note, mehh didn’t quite get it but I do know you apparently married one! A Scot to boot, she must be a hot headed thing, what’s worse than marring a Scottish girl, an Irish one. Oh the stories I could tell you.

#159 Holy Crap Wheres The Tylenol on 11.17.15 at 12:13 pm

#145 TurnerNation on 11.17.15 at 9:47 am

How long until Syria is given large IMF loans and debt to help with rebuilding after this time of destruction?
_______________________________________________
Just in time when the construction companies here run out of condos to build? Good, I think?

#160 Gerry Hall on 11.17.15 at 12:19 pm

“(like making people who comment here into Quran scholars and Islamophobes) ”

Never mind turning one depressed , malcontent, psychotically liberal, Canada hating, unjustly opinionated, fat bearded loser into an expert on ‘whats’ best’ for all Canadians.

#161 Ralph Cramdown on 11.17.15 at 12:22 pm

#144 crowdedelevatorfartz — “Stats? Rather than “heresay evidence” rumour. To back up your racism….”

We don’t need stats. This may seem an outlandish claim, but follow along:

1) There are a lot of new multimillionaires in China. You won’t dispute that, I trust?

2) A lot of them are worried about their wealth, either because of a corruption investigation (you don’t need to be corrupt, just to be or have backed the loser in a party power struggle), or a collapse in the Yuan or the Chinese economy, which features massive debts and many businesses that can’t service them from cash flow. This is documented in the international business press, if the gyrations of the mainland stock market isn’t enough evidence for you. No argument here, I hope?

3) Canada has no restrictions on foreign real estate ownership (unlike some other overseas destinations), banks willing and able to structure transactions to evade Chinese capital export controls, and very weak anti-money laundering controls — Lawyers are not required to report, and real estate brokers simply don’t bother, with minimal enforcement and few repercussions. This, too, is documented, as are discoveries of large quantities of cash at Vancouver and Pearson airports, coming from China. No disagreement here, I trust?

If you’re willing to concede the above three points, the rest of the argument follows logically. “Stats, or it didn’t happen” is a poor retort. Unless you believe that Richmond has the lowest median and average household income in the GVR[1], and that one in four children in Richmond is living in poverty[2], in which case I can’t help you.

[1] – http://www.richmond.ca/__shared/assets/Income_Hot_Facts6259.pdf
[2] – http://www.richmondchildrenfirst.ca/what-we-do/face-child-poverty-richmond/

#162 HogtownIndebted on 11.17.15 at 12:28 pm

#137 LP and liquidincalgary

Ah yes, I too look to trains, modern ones, but also thinking back to the progress they represented with such a small environmental footprint, even with all the smoke back in the day.

Such hopefulness and progress can be ours again some day, if we make the brave choices necessary.

This is for you guys and our fellow train-lovers.

Grab a coffee and enjoy nine minutes of bliss:

https://www.youtube.com/watch?v=V9vQ_y9JJ1E

#163 bill on 11.17.15 at 12:40 pm

#122 bill on 11.17.15 at 12:35 am
An impostor!
this name is already being used…
and the impostor’s opinion is not mine
thankyou

#164 JimH on 11.17.15 at 12:41 pm

#133 liquidincalgary on 11.17.15 at 6:13 am
#3 Johnny D on 11.16.15 at 6:56 pm
@old gringo
“…one comment on the cannard of “carbon emission spewing trains”. a modern diesel locomotive has the equivalent efficiency of gassing up a compact car and driving it across the country on that one tank of gas.”
==================================
Good point.
It also should be noted that higher-viscosity crude oil doesn’t just “flow” through a pipeline all by itself! It has to be pumped, and pumping is an energy intensive activity, especially at the higher pressures required.
Lowering the viscosity through blending, emulsification, etc. is also accomplished only through energy consumption, as are the various technologies to reduce the drag/friction of pumping higher-viscosity crude.
Additionally, the oversight and maintenance of a pipeline like Keystone is also not accomplished without energy consumption.

In short, there ain’t no such thing as a free lunch.

#165 bill on 11.17.15 at 12:42 pm

oops apparently the first attempt DID go through…

sorry for the repeat Garth!

#166 lisa t on 11.17.15 at 12:51 pm

WE make poor decisions from fear. I’ve done it myself. Not in real estate but other areas. Fear also freezes us and causes us to stay in bad situations (not sell, not move, not leave the jack ass we married etc.). Thank you for reminding us that fear can rule real estate as well, especially condo markets. That said, I’m very saddened by the events in Paris and was fortunate my Son and his best friends got out on Saturday.

#167 TurnerNation on 11.17.15 at 12:51 pm

Spotted our forum host in the Path today.
Probably on a blog related errand – what else is there in life?

#168 Spectacle on 11.17.15 at 12:57 pm

#142 TurnerNation on 11.17.15 at 9:19 am
#101 POSSIBLE REFUGEE SOLUTION

Can you name one country the UN has kept safe and secure since its inception?

————————————

Not a refugee situation, but how about……. Israel.

Oh, just a minute, someone is knocking very loudly on my door………

#169 pinstripe on 11.17.15 at 1:09 pm

this blog provides a lot of entertainment with the use of anecdote after anecdote. The is no learning to be from an anecdote, but it provides a good story.

Now would be the time to provide some learning by providing some insight to what is going on now in the global economy and the consequence of that action. for example, Corp buybacks. buyout and takeover. Bail in. business cycle. money laundering. QE. free money. hope vs fearmongering. etc.

to date, Stupid is STUPID and is impossible to either train or educate.

Why has the CPC become righteous and so WISE since the fed election?

#170 Lillooet, BC on 11.17.15 at 1:20 pm

#135 westcdn on 11.17.15 at 7:24 am
I have to follow up on my last comment. Not everything is going swimmingly with my Reits – Dream (D.un) is suffering. I still like them and recently bought some more shares because I think they are best in class and pay a decent dividend which I think can be maintained. I am in for the long run.

******************

I have been wondering if D.UN’s dividend is sustainable — over 12% now. Its payout rate is close to 95% (not sure).

#171 Broke Dick on 11.17.15 at 1:21 pm

By George I’ve got it!
Today’s photo of the slowly melting ice cream is meant to represent the slow melt Garth is predicting in Canada’s housing market and more specifically that of house prices.
Keep it mind Garth slightly melted ice cream is very sticky just like dropping house prices.
Mark would argue that the ice cream has been melting on that floor mat for 2 years already but because of fancy ingredients it does not appear to be melting to the common observer.

Freedom First has a different idea in mind. He, because he can and is all powerful, will wait until that ice cream is completely melted and then go and scoop it up, with a scooper of course, for pennies on the dollar. And then and only then will he enjoy ice cream once again.

#172 bdy sktrn on 11.17.15 at 1:50 pm

#144 crowdedelevatorfartz — “Stats? Rather than “heresay evidence” rumour. To back up your racism….”
—————————
pleask kindly [email protected] off with your bogus, hyper PC pinkshirted shrieks of racism.

crybaby.

there was nothing racist whatsoever in that comment.

you’d best learn what racism is before making a total fool of yourself here.

#173 JimH on 11.17.15 at 1:54 pm

#94 Mark
re: Gold

Your argument has had many advocates from time to time over the last 5 years, Mark, while the price of gold dropped over 25% and the GDX index plunged over 75%. (The juniors, GDXJ even more so.)

During the last 5 years, these indexes have been drastically oversold 15 times, and on every single time there were many pundits and bloggers calling a bottom and urging others to buy.

The problem is that we are only able to spot a bottom in hindsight.

The prices of the GDX & GDXJ indexes now reside below their respective 5, 15, 25 and 50 DMA’s which are declining. They are currently testing their July, August and September lows. The odds are that they will go lower, as those levels of support weaken every time they get tested.

Gold miners with decent market caps are in the same sorry state. (GG, AEM, AU, ABX, EGO, GFI, HMY, IAG, KGC, NEM, SBGL, GOLD, AUY)

Yes, I’ve seen sicker dogs than these puppies get better. But it’s been my experience that equities as badly broken as these need time to consolidate and rebuild before they can more substantially higher. In the meantime, they are candidates for experienced and very nimble short-term traders only; they are at the present time poor candidates for investors.

A very experienced trader/acquaintance said the other day that “if you want to lose money trading in the markets, there is no better way than to buy stocks long that are below their declining 5-day moving averages, and to short those which are above a rising 5-day moving average.”

Nobody has a crystal ball. It’s all about managing risk, no?

#174 S.Bby on 11.17.15 at 2:05 pm

#159 Ralph
I’ll save you some time (and typing) just repeat the well worn line: “everyone wants to live here”.
There you go. Done.

#175 Smoking Man on 11.17.15 at 2:13 pm

These two clowns created ISIS to topple Assad, didnt quite go as planned. Now they want boots on the ground, not anyone related to them I bet.

Is it just me, but I sense they couldn’t give a rats ass about Paris, They’re only goal is to get rid of Assad, who won the election.

Its was the rebels the two clowns armed that caused the refuge problem.

Their mind set is a true cancer on the world.

http://www.realclearpolitics.com/video/2015/11/16/senators_mccain_and_graham_to_obama_no_partnership_with_putin_and_russia.html

#176 bdy sktrn on 11.17.15 at 2:25 pm

#172 S.Bby on 11.17.15 at 2:05 pm
#159 Ralph
I’ll save you some time (and typing) just repeat the well worn line: “everyone wants to live here”.
There you go. Done.
—————————-
why do you live here?
the rest of canada is available, cheaper, less crowded , less yoga etc.

why suffer in the 604 when you can live so much better east of the hills.

#177 Consequences there will be on 11.17.15 at 2:29 pm

Something our ‘wet behind the ears’ Liberal government hasn’t considered is the international effect of allowing 25000 ‘refugee’s into Canada without an absolute security vetting process is that countries, particularily the United States, will be shuttering their borders, hardening all entry points and enforcing arduous and long entrance checks on all Canadians for fear that ISIS has slipped in another Toronto 18 or another of the thousands of hard core terrorists who already reside in Canada.

Even Obama isn’t stupid enough to start agreeing to vacuuming up thousands of bodies out of camps where ISIS recruiters are known to be very active.

I think the mayor of Montreal has a decent idea…accept innocent infants and orphans, much as we did during the British Blitz….but not thousands of 20 year old bearded ‘ex-fighters’ who has swallowed so much indoctrination that Canada’s largesse might not be enough to staunch the ideology that has been crammed down their throats.

perhaps the fighter age ‘refugee’s should stay in camps until the no fly zone is established that allows them safe haven in Syria…rather than accepting Trudeau’s word that ‘no harm will come to Canadians’. he has no right to make that statement…even for political purposes.

#178 Smoking Man on 11.17.15 at 2:29 pm

#156 Holy Crap Wheres The Tylenol on 11.17.15 at 12:11 pm
Smoking Man last week you mentioned your father was
in World war two, a (Veteran). Now you’re telling us he was in three concentration camps and labor camps? Which is it?
…….
Both. He was with a group of Serbs, Ambushing Nazi’s in valleys. Can’t recall the name, Got captured, slave labour, 3rd escape successful made his way to Canada.

#179 Love my Kia on 11.17.15 at 2:33 pm

#121 Saskatoon
older immigrants “enjoyed” a limited or non-existent welfare state.
*******************
Bone up on your history son, my ancestors came to this country with the promise of free real estate being offered on the prairies.

Try to find a government today looking to recruit foreigners with the offer of free land.

Idiot.

#180 LP on 11.17.15 at 2:46 pm

#160 HogtownIndebted on 11.17.15 at 12:28 pm

Oh, that was wonderful. You took me back to the only 2 memories I have of my maternal grandfather. Grandpa was (apparently) an alcoholic; he also suffered from Huntington’s Disease which frequently caused terrible outbursts of temper.

However on that day in my memory, when I was about 4 years old, he took me on a walk from where we lived on Beresford Av in west Toronto up to the CPR roundhouse near or off Runnymede Rd. As I remember it our walk included an ice cream cone. Those are the only 2 things I remember about him, aside from the sight of those enormous locomotives on the carousel. I guess it’s merciful if stories I have been told about him are true. Shortly after that day, Grandpa Len was hospitalized in London and I never saw him again.

Maybe that’s why I love trains so much.

#181 Smoking Man on 11.17.15 at 2:51 pm

#157 Holy Crap Wheres The Tylenol on 11.17.15 at 12:13 pm

https://www.youtube.com/watch?v=PuqSUIvwd4I

#182 OXI in GREECE on 11.17.15 at 2:53 pm

#138 DR on 11.17.15 at 8:27 am
#112 Herb on 11.16.15 at 11:32 pm
Read it and weep. It’s not a conspiracy theory, but a pretty good assessment of the recent history of the Middle East.

… the relative handful of suicidal jihadi who have perpetrated murderous episodes of terror like 9/11 and this weekend’s carnage in Paris … would not be marauding the West today save for the unrelenting arrogance, stupidity, duplicity and mendacity of Imperial Washington.

http://davidstockmanscontracorner.com/blowback-the-washington-war-partys-folly-comes-home-to-roost/

==================================

You need to loosen the chin strap on your aluminum foil hat. It’s cutting off the blood supply to your brain.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Maybe you can tell us how 20 years of bombing and killing of middle eastern people by invading American, Canadian and British war machines does not have an impact on those young people whom eventually grow up Dr Freud?

#183 Smoking Man on 11.17.15 at 3:04 pm

#157 Holy Crap Wheres The Tylenol on 11.17.15 at 12:13 pm

How many of your fellow air men know about this story.

https://www.youtube.com/watch?v=Y5CXope9ncI

Your welcome.

#184 young & foolish on 11.17.15 at 3:12 pm

“…..Families in their thirties could lose an average of $60,000 if there is a correction of 20 per cent … ”

Only if they sold and crystallized the losses. No different that equities, except more money involved and longer timelines. Extremes happen at the margins.

#185 Bby604 on 11.17.15 at 3:15 pm

#176 Smoking Man on 11.17.15 at 2:29 pm
#156 Holy Crap Wheres The Tylenol on 11.17.15 at 12:11 pm
Smoking Man last week you mentioned your father was
in World war two, a (Veteran). Now you’re telling us he was in three concentration camps and labor camps? Which is it?
…….
Both. He was with a group of Serbs, Ambushing Nazi’s in valleys. Can’t recall the name, Got captured, slave labour, 3rd escape successful made his way to Canada.

——-
That would be the Chetniks

#186 young & foolish on 11.17.15 at 3:21 pm

American RE scene seems similar to that in Canada …
Large and often popular urban centres are expensive (think San Fransisco or New York in US, Vancouver or Toronto in Canada).

#187 TurnerNation on 11.17.15 at 3:25 pm

Will our govt ask us for more protection money? UK took 2bill from them just now.

#188 TurnerNation on 11.17.15 at 3:26 pm

Bluetooth? Smoking man’s already moved on to new technology: Yellowtooth

#189 young & foolish on 11.17.15 at 3:26 pm

“I have been wondering if D.UN’s dividend is sustainable — over 12% now. Its payout rate is close to 95% (not sure).”

Here is a case where investors have given control to management (no late night calls about leaky toilets), probably in the name of diversification. Because we all know that investing in one good quality property in a popular location is full of risk. Better to turn it over to the professionals. Enjoy the 12%, for now.

#190 young & foolish on 11.17.15 at 3:35 pm

“It looks like the Fed is trapped. They are still saying rate increases are data dependent, in relation to the economy. However, the issue of increased interest payments, while not discussed much, has to be a factor here, since a 1% increase equals an extra $180B in annual payments.
Where will the money come from? Inquiring minds want to know?”

They will just add a couple of zeros where required.

#191 Holy Crap Wheres The Tylenol on 11.17.15 at 3:39 pm

Here we go again all you Neville’s.
BREAKING NEWS: Germany/Holland game abandoned when police found truck bomb disguised as ambulance outside stadium.

#192 Holy Crap Wheres The Tylenol on 11.17.15 at 3:41 pm

#176 Smoking Man on 11.17.15 at 2:29 pm

#156 Holy Crap Wheres The Tylenol on 11.17.15 at 12:11 pm
Smoking Man last week you mentioned your father was
in World war two, a (Veteran). Now you’re telling us he was in three concentration camps and labor camps? Which is it?
…….
Both. He was with a group of Serbs, Ambushing Nazi’s in valleys. Can’t recall the name, Got captured, slave labour, 3rd escape successful made his way to Canada.
___________________________________________
Then he was a resistance fighter! Just as admired for their tenacity.

#193 Doug in London on 11.17.15 at 3:42 pm

There has been a lot of news about companies cutting staff lately, the latest casualty is 500 jobs being cut at Enbridge. If fear is such a big factor in influencing people’s decisions, wouldn’t more people be afraid of paying an astronomical amount of money for a house in Toronto or Vancouver area, being scared half to death about what effect these coming layoffs could have on the housing markets? I sure as hell would be, who needs horror movies!

#194 young & foolish on 11.17.15 at 3:42 pm

“The Fed has one of the worst track records of any institution out there, and has never forecasted a recession despite two of the largest crashes (dot com and credit crunch) happening right under its nose.”

Really? You believe that all those well informed and connected economists are just dumb? Or is it more likely that they just don’t want to tell you. There is a political consequential to this equation.

#195 Holy Crap Wheres The Tylenol on 11.17.15 at 3:46 pm

#175 Consequences there will be on 11.17.15 at 2:29 pm

Something our ‘wet behind the ears’ Liberal government hasn’t considered is the international effect of allowing 25000 ‘refugee’s into Canada without an absolute security vetting process is that countries, particularily the United States, will be shuttering their borders, hardening all entry points and enforcing arduous and long entrance checks on all Canadians for fear that ISIS has slipped in another Toronto 18 or another of the thousands of hard core terrorists who already reside in Canada.

Even Obama isn’t stupid enough to start agreeing to vacuuming up thousands of bodies out of camps where ISIS recruiters are known to be very active.

I think the mayor of Montreal has a decent idea…accept innocent infants and orphans, much as we did during the British Blitz….but not thousands of 20 year old bearded ‘ex-fighters’ who has swallowed so much indoctrination that Canada’s largesse might not be enough to staunch the ideology that has been crammed down their throats.

perhaps the fighter age ‘refugee’s should stay in camps until the no fly zone is established that allows them safe haven in Syria…rather than accepting Trudeau’s word that ‘no harm will come to Canadians’. he has no right to make that statement…even for political purposes.
____________________________________________
I like this idea, children don’t know the word hate. Most loving women who are mothers wouldn’t kill with children, the old and feeble same. As for the rest of them bring them to CFB Alert. Let them winter over there for a while. Then ask them if they want to stay!

#196 Harold Square on 11.17.15 at 3:49 pm

Hah…France accuses Trudeau of ‘being oddly tone deaf’ when insisting he will remove all Canada’s military capability out of the are zone.

True….Truds plans of ‘training the kurds’ falls on deaf ears as the kurds are only fighting to protect their own borders and don’t care what ISIL does in Iraq or Syria. Actually Obama has the same muddled headed policy of ‘arming the opposition’….cause it turns out the ‘opposition to Asad……is ISIL.

The pretend PM that resulted from a protest vote brought on by a 9 year CBC propaganda campaign to HATE HARPER….has stuck us with a buffoon who’s already snubbed out closet allies and fed propaganda fodder to the enemy.

All Europe has agreed to join the fight against terrorism while TRUD is singing ‘Give ’em Shelter’ to a sycophant band of dinosaurs.

#197 Exurban on 11.17.15 at 3:58 pm

#57 westcdn

I think at the end of the day we will find that most of the Parisian idiots were French nationalists …

If they were we would know it already. Media would be blasting it 24/7.

#59 Victor V

Buffett bought some Suncor? Awesome, so did I. Probably not even one ten-thousandth of what Berkshire acquired, but hey.

#198 family beagle on 11.17.15 at 4:09 pm

5.56 mm
7.62 mm
9 mm
50 cal

Four manufacturing bubbles with high demand that never get attention. Far more ROI than RE or conventional investment vehicles. Global diversity with suppliers in China, Russia, and Lake City Missouri. High product demand with increasing orders to outfit an enthusiastic customer base in emerging markets. Can you explain why these never get pumped, though charts look impressive for long term growth and earnings potential?

#199 Smoking Man on 11.17.15 at 4:11 pm

#186 TurnerNation on 11.17.15 at 3:26 pm
Bluetooth? Smoking man’s already moved on to new technology: Yellowtooth
….

Ha Baking soda and lemon juice…..

For the tech savy

RGB

RED 255
GREEN 255
BLUE 255

= New Tooth…

#200 Smoking Man on 11.17.15 at 4:16 pm

Perhaps Justina should slow down, push back Jan1 date

Germany-Netherlands friendly match cancelled due to ‘concrete information …

http://news.nationalpost.com/news/stadium-hosting-germany-netherlands-friendly-evacuated-match-cancelled-after-security-alert

#201 Broke Dick on 11.17.15 at 4:17 pm

#178 LP on 11.17.15 at 2:46 pm
#160 HogtownIndebted on 11.17.15 at 12:28 pm

Oh, that was wonderful. You took me back to the only 2 memories I have of my maternal grandfather. Grandpa was (apparently) an alcoholic; he also suffered from Huntington’s Disease which frequently caused terrible outbursts of temper.

However on that day in my memory, when I was about 4 years old, he took me on a walk from where we lived on Beresford Av in west Toronto

============================

Beresford Ave! Small world, I lived on Beresford just south of St. John’s. 1965-1991. Actually my mom still lives there.

#202 Bottoms_Up on 11.17.15 at 4:23 pm

#175 Consequences there will be on 11.17.15 at 2:29 pm
———————-
You really think a militant registered in a UN refugee camp in Jordan, waiting it out, in the hopes that Canada incrementally increases their quota and he’s selected from the millions?

Canada settles 250,000 per year. Our Syrian refugee quota went up by 15,000 (6%). I’m sure our great nation can safely handle that.

#203 DR on 11.17.15 at 4:33 pm

#200 Bottoms_Up on 11.17.15 at 4:23 pm
#175 Consequences there will be on 11.17.15 at 2:29 pm
———————-
You really think a militant registered in a UN refugee camp in Jordan, waiting it out, in the hopes that Canada incrementally increases their quota and he’s selected from the millions?

Canada settles 250,000 per year. Our Syrian refugee quota went up by 15,000 (6%). I’m sure our great nation can safely handle that.

=============================

Sure thing. They can stay with Prime Minister Selfie at Rideau Hall.

#204 Doug in London on 11.17.15 at 4:40 pm

Further to my comment #191, if fear is such a big motivator why isn’t or hasn’t there been a flood of people my age (55) or older in the GTA or Vancouver trying to sell their house now, scared 99% to death that if they don’t act now they’ll miss that one in a lifetime opportunity to sell their house for a SPECTACULAR CAPITAL GAIN?

#205 family beagle on 11.17.15 at 4:42 pm

#49 steve on 11.16.15 at 8:26 pm

Ego / keeping up with the Jones / is not the key to happiness / having a small mortgage is / walk / hike / love friends and family
We need to remember bricks and mortar is not happiness
…..
Joy vs satiation. Money can’t buy love but it can buy thrills. Mind you, people who get thrilled by a house are not my first pick for an adventure squad. I don’t think people have that much going on in their lives. A box on concrete blocks with wifi is about it. Remember when… Skiing, swimmin holes, a wagon and a hill, lawn darts, a round plastic disk called a frizee?

#206 AB Boxster on 11.17.15 at 4:45 pm

Ya gotta live the hospitality of our new Lieberal government.

Not only have they agreed to bring in 25,000 refugees (which really ain’t a bad thing ) but with their recent economic announcements:
-no new pipelines
-no tankers
-higher personal taxes
– new carbon taxes
– discouraging personal savings
– massive federal deficits

they’ve decided that the best way to help these refugees feel the most welcome in their new country is for Canada to become as economically similar to the countries that they are fleeing from.

Key Liberal insiders are said to be gushing with joy, that new refugees will no longer have to feel economically disadvantaged in their new country, and are confident that once the economic standard of living in Canada, more closely resembles that of Syria and Iraq, that the new arrivals can truly feel that they are part of Canada.

Ain’t they considerate.

#207 Doug in London on 11.17.15 at 4:50 pm

@liquidincalgary, post #133:
You’re right about modern diesel-electric locomotives, they are more efficient than diesels of the past. Not only that, but they are 3 to 4 times more efficient and less polluting than steam locomotives of days gone by, and require far less maintenance. Even so, trains with these modern locomotives still take more energy to move a barrel of oil a given distance than pipelines.

#208 Paul on 11.17.15 at 5:08 pm

#200 Bottoms_Up on 11.17.15 at 4:23 pm

#175 Consequences there will be on 11.17.15 at 2:29 pm
———————-
You really think a militant registered in a UN refugee camp in Jordan, waiting it out, in the hopes that Canada incrementally increases their quota and he’s selected from the millions?

Canada settles 250,000 per year. Our Syrian refugee quota went up by 15,000 (6%). I’m sure our great nation can safely handle that.
———————————————————-
“I’m sure our great nation can safely handle that.”

Well all righty then just having you say that makes it so
I feel better now. LOL

#209 Smoking Man on 11.17.15 at 5:15 pm

5 world war 2 heroes know one knows about.

https://www.youtube.com/watch?v=xR1Ym-dnT2Q

#210 Holy Crap Wheres The Tylenol on 11.17.15 at 5:21 pm

#194 Harold Square on 11.17.15 at 3:49 pm

Hah…France accuses Trudeau of ‘being oddly tone deaf’ when insisting he will remove all Canada’s military capability out of the are zone.

True….Truds plans of ‘training the kurds’ falls on deaf ears as the kurds are only fighting to protect their own borders and don’t care what ISIL does in Iraq or Syria. Actually Obama has the same muddled headed policy of ‘arming the opposition’….cause it turns out the ‘opposition to Asad……is ISIL.

The pretend PM that resulted from a protest vote brought on by a 9 year CBC propaganda campaign to HATE HARPER….has stuck us with a buffoon who’s already snubbed out closet allies and fed propaganda fodder to the enemy.

All Europe has agreed to join the fight against terrorism while TRUD is singing ‘Give ’em Shelter’ to a sycophant band of dinosaurs.
_____________________________________________
Now, now don’t be calling our Buffoon a Prime Minister!

#211 Holy Crap Wheres The Tylenol on 11.17.15 at 5:30 pm

#207 Smoking Man on 11.17.15 at 5:15 pm

5 world war 2 heroes know one knows about.

https://www.youtube.com/watch?v=xR1Ym-dnT2Q
______________________________________________
Richard Marcinko know him well. Flew him and some bigwigs once out of Clark AFB back to Honolulu. He was a bad ass.

#212 Bottoms_Up on 11.17.15 at 5:35 pm

#206 Paul on 11.17.15 at 5:08 pm
———————————
Ok….then please explain how our yearly immigration numbers can swing 20,000 one way or another? 15,000 extra Syrian refugees is inconsequential to the capacity of our existing immigration system….however timeline may be an issue. Of course our leaders will ensure it is done in a safe fashion. If you disagee, please explain why?

#213 SWL1976 on 11.17.15 at 5:51 pm

#204 AB Boxster

Ya gotta live the hospitality of our new Lieberal government.

they’ve decided that the best way to help these refugees feel the most welcome in their new country is for Canada to become as economically similar to the countries that they are fleeing from.

——————————————-

You didn’t notice this has long been the plan since before the Lib’s came to power.

Greedy corporations in bed with government have off-shored everything possible and now the end game is to on-shore cheap labour.

This is what the TPP is really all about, but of course we aren’t being told that

Some say I’m a nutbar, some say I can read between the lines

I’ll let you decide

#214 HogtownIndebted on 11.17.15 at 5:53 pm

#178 LP

Glad you liked it :)

Trains always go well with some good jazz.

#215 paul on 11.17.15 at 6:11 pm

I just don’t feel they can thoroughly vet 25,000 people by the end of the year. Hey if they come I just hope they are happy to be here and try assimilate a little bit.
I have hired a team of 80 people and with I.D. applications,resumes, references, it took 90 days and three job fairs. The Americans are saying their can’t process 10,000 in I think 180 days and half the States don’t want them. I know they are in full election mode.
It looks like we will see if it was a good move or not soon enough.

#216 saskatoon on 11.17.15 at 6:19 pm

#177 Love my Kia

the free land wasn’t legally “owned” by anyone before it was given.

notwithstanding, first nations claims are obviously controversial.

but why bother explaining:

your shrunken amygdala won’t be able to recognize the real difference between these two situations.

#217 Vicpaul on 11.18.15 at 3:00 am

#135 westcdn
I went with Callaway, now Smartreit (Sru-un.to) – shopping malls primarily anchored by Walmart and have recently open Premium Outlets in To/Mtl. Has done well for me. Spins a 13.75 cent monthly divvie and has shown cap app…..but G-man is right, singles are risky – when my T- level drops a little more, I’ll move over to the Garthside. )-